Home / Shipping News / Hellenic Shipping News / Okeanis Eco Tankers Corp. Reports First Quarter Profits of $41.1 Million

Okeanis Eco Tankers Corp. Reports First Quarter Profits of $41.1 Million

Okeanis Eco Tankers Corp. reported unaudited interim condensed consolidated results for the three months ended March 31, 2020.

Q1 2020 Highlights

• Time charter equivalent (“TCE”) revenue and Adjusted EBITDA of $73.4 million and $63.3 million, respectively. Profit for the period of $41.1 million or $1.26 per share (basic & diluted).

• Fleetwide daily TCE rate of $56,200 per operating day; VLCC, Suezmax and Aframax/LR2 TCE rates of $59,200, $63,700 and $35,200 per operating day, respectively.

• Daily vessel operating expenses of $7,025 per calendar day, including management fees.

• In Q2 2020 to date, 68% of the available VLCC spot days have been booked at an average TCE rate of $105,500 per day, 67% of the available Suezmax spot days have been booked at an average TCE rate of $56,700 per day and 64% of the available Aframax/LR2 spot days have been booked at an average TCE rate of $35,800 per day.

• In January 2020, the Company took delivery of the eighth and final VLCC of its newbuilding program with Hyundai Heavy Industries, Nissos Anafi (Hull 3090).

• In February 2020, the Company lost its arbitration claim against Ocean Yield ASA; the four VLCCs will remain on bareboat charter.

• In March 2020, the Company purchased 113,934 of its own shares at an average price of NOK 57.3 per share.
Subsequent Events

• The Board of Directors declared a cash dividend of $0.50 per share, amounting to $16.2 million. The cash dividend will be paid on Tuesday June 2, 2020 to shareholders of record as of Wednesday May 20, 2020. The shares will be traded ex-dividend as from and including Tuesday May 19, 2020.

• In April 2020, the Company entered into a thirty-six month time charter contract with a leading international energy company for its VLCC Nissos Keros and an eight-month time charter contract with a national energy company for its VLCC Nissos Kythnos.
• Also in April 2020, the Company purchased 250,000 of its own shares at an average price of NOK 57.5 per share.

• Lastly in April 2020, the Company received firm commitments from the Export-Import Bank of Korea, the Busan Bank and the Kyongnam Bank for $90.3 million for the financing of its two Suezmax newbuildings scheduled for delivery in September 2020. The facility includes an accordion option of up to $6.5 million per vessel subject to acceptable long-term employment and credit approval by lenders. The weighted average amortization profile is approximately 15.2 years.

Full Report

Source: Okeanis Eco Tankers Corp.

Recent Videos

Hellenic Shipping News Worldwide Online Daily Newspaper on Hellenic and International Shipping